950,000 barrels of Sankofa crude head to TOR as GNPC deepens domestic refining

The Ghana National Petroleum Corporation (GNPC) has recently delivered approximately 950,000 barrels of Sankofa crude oil to the Tema Oil Refinery (TOR), strengthening the connection between Ghana's upstream petroleum production and domestic refining. The shipment arrived at TOR on the Sonangol Cazenga vessel, following a commercial agreement between the two state-owned entities.

The delivery was inspected by a team led jointly by GNPC CEO Kwame Ntow Amoah and TOR Managing Director Edmond Kombat. This transaction provides GNPC with a dependable domestic market for its crude oil, and supports efforts to process more of the country's petroleum resources locally.

GNPC's CEO, Kwame Ntow Amoah, emphasized that the deal reflects President Akufo-Addo's vision for strengthening linkages between Ghana's upstream and downstream petroleum sectors. He added that the arrangement will help retain more value from Ghana's petroleum resources within the local economy by enabling more domestic refining.

Mr Amoah highlighted that a dependable domestic refinery would provide GNPC with a reliable market for its crude oil and lay the foundation for a sustainable commercial relationship between the two institutions. He stated that GNPC currently has about eight to ten similar crude cargoes available annually, with potential for increased supply as production grows.

TOR Managing Director Edmond Kombat confirmed that the Sankofa crude was fully paid for through a Letter of Credit, with no debt incurred as a result of the transaction. He described the crude as light and sweet, with the potential to yield products such as gasoline, gas oil, aviation fuel, and LPG.

In addition to crude supply, GNPC and TOR are exploring further collaboration opportunities, including the potential supply of natural gas to support TOR's refinery operations. Amoah stated that discussions are underway on this front. He added that the collaboration with TOR is expected to grow stronger over time, as it demonstrates the potential of commercially sustainable partnerships between national institutions while creating a platform for expansion alongside Ghana's growing upstream production.